根据贵所于 2020年 9月 13日下发《关于健帆生物科技集团股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》(以下简称"归询函")的 要求,我们就问询函中需会计师核查的事项逐项进行了认真核查。现对财务相关 问题答复如下,请贵所审核。 关于《关于健帆生物科技集团股份有限 公司申请向不特定对象发行可转换公司 债券的审核问询函》的 回复(更新稿) 致同会计师事务所 (特殊普通合伙) t Thornton t同会计师事务所(特殊普通合伙) 国北京朝阳区建国门外大街 22号 场5层邮编 100004 +86 10 8566 5120 关于《关于健帆生物科技集团股份有限公司申请向不特定对 象发行可转换公司债券的审核问询函》的回复(更新稿) 致同专字(2020)第 442ZA09675号 深圳证券交易所: 本回复中 2020年 9 月 30日/2020年 1-9 月的财务数据为公司提供，未经审计。 问题 1: 本次发行募集资金总额不超过 100,000万,扣除发行费用后的募集资金拟用 于血液净化产品产能扩建项目(以下简称血液净化产品项目)、湖北健帆血液透 析粉液产品生产基地项目(以下简称血液透析粉液产品项目 ...

公 司 点 评 报 告 投资要点 ＃sum事ma件ry＃：近日，健帆生物发布了 2023 年年报及 2024 年一季报。2023 年， 公司实现营业收入 19.22 亿元，同比下降 22.84%；实现归母净利润 4.36 亿元，同比下降 50.93%；实现扣非归母净利润 4.09 亿元，同比下降 50.26%；毛利率为 80.03%，同比下降 2.31pp；归母净利率为 22.71%，同 比下降 12.99pp。2024 年 Q1 单季度，公司实现营业收入 7.44 亿元，同比 增长 30.00%；实现归母净利润 2.85 亿元，同比增长 44.90%；实现扣非 归母净利润 2.71 亿元，同比增长 42.74%；毛利率为 78.68%，同比下降 1.82pp；归母净利率为 38.26%，同比增长 3.94pp。 点评：2023 年，受到行业需求阶段性减少，政策调整影响，叠加公司销 售结构改变、HA130 产品价格下调、内部变革等多重因素影响，公司业 绩承压。目前，外部政策环境及内部团队生态均得到改善，多个省份的 医疗服务收费政策优化、公司内部主动优化组织结构，2024Q1 业绩恢复 较快增长。随着公司在肾科 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.10 CNY, indicating an expected increase of over 15% compared to the current price of 29.09 CNY [6][12][14]. Core Views - The company has shown a trend of operational improvement, supported by favorable external policy environments and internal team dynamics. The performance in Q1 2024 exceeded expectations, with revenue reaching 1.922 billion CNY, a decrease of 22.84% year-on-year, and a net profit of 436 million CNY, down 50.93% year-on-year [14][16]. - The company is recognized for its innovative blood purification products, which are increasingly applied in the treatment of critical diseases, enhancing patient quality of life [6][14]. - The report highlights a significant recovery in sales of blood perfusion devices, with revenue from these products increasing by 85.51% [14]. Financial Summary - **Revenue**: The company reported total revenue of 2,491 million CNY in 2022, with projections of 1,922 million CNY for 2023 and an expected increase to 2,966 million CNY in 2024 [6][14]. - **Net Profit**: The net profit for 2022 was 890 million CNY, with projections of 436 million CNY for 2023 and an increase to 1,087 million CNY in 2024 [6][14]. - **Earnings Per Share (EPS)**: The EPS is projected to rise from 0.54 CNY in 2023 to 1.06 CNY in 2024, and further to 1.72 CNY by 2026 [14][16]. - **Profitability Ratios**: The report indicates a gross margin of 82.3% and an EBIT margin of 40.4% for 2022, with expectations of slight declines in the following years [6][14]. Market Position - The company operates in the medical industry, specifically focusing on blood purification technologies, which are gaining traction in treating various critical conditions [6][14]. - The report notes that the company is well-positioned to benefit from ongoing improvements in healthcare policies and increasing demand for its innovative products [14][16].

Investment Rating - The report upgrades the investment rating to "Buy" [7] Core Viewpoints - The company is expected to experience a recovery in high growth in the upcoming quarters, driven by improved cash flow and a strong product pipeline [10][12] - The company has set long-term employee incentive goals, reflecting confidence in sustained operations [9][21] - The competitive landscape in the industry is favorable, with controllable risks related to product procurement [11][52] Summary by Sections Financial Performance - The company has shown a good operating cash flow situation and maintains a high dividend payout ratio [26][55] - Revenue and profit growth are anticipated, with a target price set at RMB 33.31, compared to the current market price of RMB 27.54 [25] Product and Market Dynamics - There is significant potential for increased usage of blood perfusion products, with a notable rise in patient treatment frequency expected [57][60] - The company holds a dominant position in the domestic blood perfusion market, with a comprehensive product line that includes multiple registered models [62] Regulatory and Pricing Environment - Recent adjustments in medical insurance reimbursement policies are expected to enhance the demand for blood perfusion treatments, as the pricing for these services has been increased [44][59] - The company has successfully participated in centralized procurement, which is likely to boost sales volume in the future [61]

图表4：血液灌流器产品历史利润率水平 来源：Wind，公司公告，国金证券研究所 84.55% 85.28% 86.69% 88.44% 89.02% 88.90% 87.94% 85.32% 82.0% 83.0% 84.0% 85.0% 86.0% 87.0% 88.0% 89.0% 90.0% 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 健帆生物一次性使用血液灌流器毛利率 | --- | --- | --- | --- | |--------|--------------------------------------------------------|----------------|----------------| | 姓 名 | 职 务 | 持有份额(万份) | 占总份额的比例 | | 唐先敏 | 董事、副总经理 | 1200 | 8.00% | | 张广海 | 董事、副总经理 | 600 | 4.00% | | 曾凯 | 董事、副总经理 | 300 | 2.00% | | 李峰 | 董事 | 300 | 2.00% | | 吴爱军 | 副总经 ...

一、保荐机构及保荐代表人承诺 中航证券有限公司 关于健帆生物科技集团股份有限公司 向不特定对象发行可转换公司债券 之持续督导保荐总结报告书 1、保荐总结报告书及其相关资料的内容不存在虚假记载、误导性陈述或重 大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 的有关规定采取的监管措施。 二、保荐机构基本情况 | 项目 | 内容 | | --- | --- | | 保荐机构名称 | 中航证券有限公司 | | 注册地址 | 江西省南昌市红谷滩新区红谷中大道 号南昌国际金融大厦 栋 1619 A | | | 41 层 | | 主要办公地址 | 北京市朝阳区望京东园四区 2 号中航产融大厦 32 层 | | 法定代表人 | 戚侠 | | 保荐代表人 | 郭卫明、阳静 | | 联系电话 | 010-59562504 | 三、发行人基本情况 | 情况 | 内容 | | ...

Investment Rating - The investment rating for the company is "Hold" [16] Core Views - The company reported a significant decline in revenue and net profit for 2023, with revenue at 1.92 billion yuan, down 22.8% year-on-year, and net profit attributable to shareholders at 440 million yuan, down 50.9% year-on-year. However, in Q1 2024, the company saw a revenue increase of 30% year-on-year to 740 million yuan and a net profit increase of 44.9% to 285 million yuan [1][11] - The company is undergoing internal restructuring and cost-cutting measures, which have started to show positive results, as evidenced by a net profit margin increase to 38.2% in Q1 2024 [1][11] - The company has developed a comprehensive product line in the nephrology sector, which includes three series of blood purification products, and has adjusted pricing strategies to enhance market competitiveness [1][11] - The company is actively expanding its overseas market presence, with its blood purification devices generating 230 million yuan in revenue, a 19.26% increase year-on-year [1][11] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.92 billion yuan and a net profit of 440 million yuan, with a significant decline in both metrics compared to the previous year. In Q1 2024, revenue was 740 million yuan, showing a 30% increase year-on-year, while net profit reached 285 million yuan, up 44.9% [1][11] - The company’s gross margin for Q1 2024 was 78.7%, slightly down due to price reductions in its HA130 product line [1][11] Product Development - The company has established a three-product system in the nephrology field, including HA series, KHA series, and pHA series blood purification devices. The HA series has been in clinical use for 20 years and is widely adopted across over 6000 hospitals [1][11] - The KHA series, aimed at uremia treatment, saw a revenue increase of 79.5% in 2023, while the pHA series was launched in November 2023 and is currently undergoing trials in multiple hospitals [1][11] Market Expansion - The company’s blood purification equipment sales reached 230 million yuan, with the DX-10 blood purification machine being a key product, generating 227 million yuan in revenue, a 22.64% increase year-on-year. The DX-10 is now used in approximately 1800 hospitals nationwide [1][11] - The company has successfully entered 92 countries with its products, and 13 countries have included its products in their medical insurance systems [1][11] Profit Forecast - The company forecasts net profits of 800 million yuan, 1.03 billion yuan, and 1.31 billion yuan for 2024, 2025, and 2026, respectively, indicating a recovery trajectory following the restructuring efforts [1][11]

本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 公司快报/健帆生物 治疗频次提升带来弹性：健帆血液灌流患者平均治疗频次从每月 1 次提升至每月 4 次将带来上量弹性，在同患者基数口径下，能够带 来 4 倍于之前的市场空间，从而充分抵消未来可能发生的各种形式 的价格下降带来的影响。 针对尿毒症、肝病、脓毒症、红斑狼疮等不同的病症，公司已研 发出不同的产品 HA 系列、KHA 系列、BS 系列、CA 系列、DNA 免疫 吸附柱等，还能够针对不同的病症研发出不同的产品类型、治疗更多 种类的疾病。2022 年，公司新增 5 个产品注册证（血液透析器、3 个不同配方的血液透析粉液产品及柠檬酸消毒液）、1 个新产品 CE 证书，进一步丰富了公司血液净化全产业链的产品种类。未来新的注 册证等成果预计也会不断涌现。 公司现阶段海外收入占比虽然不足 5%，但新冠治疗产品在全球 范围内增强了公司品牌影响力，叠加公司对海外业务重视程度日益提 高，海外长期放量可期。截至目前，公司产品已销往德国、瑞士、英 国、意大利、西班牙、印度、俄罗斯、墨西哥、巴西等 92 个国家， 涵盖肾病、中毒、肝病、危重症、风湿免疫疾病等领 ...

2024年04月25日 来源：公司年报、国金证券研究所 健帆生物 (300529.SZ) 增持(维持评级) 公司点评 证券研究报告 季度业绩恢复高增长,国内外产品研 发推进顺利 业绩简评 2024 年 4 月 25 日,公司发布 2023 年年度报告和 2024 年一季度报 告。2023 年公司实现收入 19.22 亿元,同比-23%;归母净利润 4.36 亿元,同比-51%;实现扣非归母净利润 4.09 亿元,同比-50%; 2024Q1 公司实现收入 7.44 亿元，同比+30%;归母净利润 2.85 亿 元,同比+45%;实现扣非归母净利润 2.71 亿元,同比+43%。 经营分析 一季度恢复销售增长,血液灌流器产品需求旺盛。2023年分产品 来看，公司一次性使用血液灌流器实现收入 14.68 亿元,同比 -27.5%;血液净化设备实现收入 2.35 亿元,同比+19%;一次性使 用血浆胆红素吸附器实现收入 9187 万元,同比-20%;血液透析粉 液实现收入 5659 万元,同比-24%。公司 2023 年业务下滑主要受 行业需求阶段性萎缩、医疗行业政策调整、同行竞争加剧、公司 产品销售结构改变、公司 ...

健帆生物科技集团股份有限公司 2023 年度董事会工作报告 一、报告期公司经营情况回顾 2023 年度，公司实现营业收入 19.22 亿元，较去年同期下降 22.84%，归属 于上市公司股东的净利润 4.36 亿元，较去年同期下降 50.93%。公司持续加强应 收账款及客户资信政策管理，保障收入及利润质量。具体体现为：报告期末，公 司经营活动产生的现金流量净额为 9.17 亿元，超出公司净利润 4.80 亿元；应收 账款期末余额为 0.75 亿元，较年初减少 1.47 亿元，下降 66.24%，应收账款占营 业收入的比重为 3.89%，较去年同期的 8.90%下降了 5.01%。 报告期内，受行业需求阶段性萎缩、医疗行业政策调整、同行竞争加剧、公 司产品销售结构改变、公司 HA130 产品价格下调及公司内部变革短期阵痛影响 等多重因素影响，公司营业收入和净利润同比下降幅度较大。公司直面问题积极 变革，外部政策环境及内部团队生态均得到改善。外部政策层面的阶段性障碍已 逐步得到解决，多个省份的医疗服务收费政策优化并开始落地执行，临床诊疗需 求有望进一步提升。公司内部主动全面变革，优化组织结构、改革管理机制、以 降 ...